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Madgaum Urban Co-operative Bank Limited License Cancelled

Published on July 31, 2021
Current Context: The Reserve Bank of India (RBI) has cancelled the license of Madgaum Urban Co-operative Bank Limited, Margao, Goa.
Madgaum Urban Co-operative Bank Limited License Cancelled
  • The license was cancelled because the bank’s financial position was not able to pay its present depositors.
  • The Madgaum Urban Co-operative Bank Limited does not have adequate capital and earning prospects.
  • The bank was not in compliance with the provisions of section 11(1) and section 22 (3) (d) read with section 56 of the Banking Regulation Act, 1949.
  • The bank was not in compliance with the requirements of sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d) and 22(3)(e) read with section 56 of the Banking Regulation Act, 1949.
  • Therefore the central bank has ceased the banking business of Madgaum Urban Co-operative Bank Limited with effect from 29th July 2021.
  • As per the data, about 99% of the depositors will receive full amounts of their deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
  • Static Part: 
    • HQ of RBI: Mumbai
    • Governor of RBI: Shaktikanta Das
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